Price - Elastic Products With the question as stated: When would you want to own a business that sells price-elastic products? I think that any time could be a good time to own a price-elastic business. Obviously‚ the most opportune time would be when the economy is in the state that it is in today. The best kind of business to be in would be a store like Wal-Mart. Because the fact that Wal-Mart can offer almost countless products for sale‚ the price point on any one product can cause a great
Premium Marketing Economics
Crashing Projects Exercise Given below is the information for the IT project we discussed in our Week 5 commentary and its network diagram. In the Week 5 commentary‚ we crashed the project by three days‚ i.e.‚ from 20 to 17 days by crashing Activity C for two days and Activity F by a day. Now proceeding from here: Activity ID Predecessor Normal Time (Days) Crash Time (Days) Normal Cost Crash Cost ($’000) ($’000) A - 5 2 $100 $205 B - 6 3 $140 $205 C - 7 5 $140 $200 D A‚ B 6 2 $100 $340
Premium Critical path method Project management Microsoft Office
Global Economic Environment Group Presentation Written Report (Group 1) Christy Lai Kei Kwan 12119785D 30th September 2013 Question 1 (a) How has Apple capitalized on the globalization of production? What advantages does manufacturing in China offer the company? ANS: Globalization has been a heat topic in these past years. Many international companies will use this advantage for their own production‚ and Apple is definitely one of the significant examples. Below shown are the ways that
Premium Outsourcing Globalization
co 550 Assignment 3 Assignment 3 1. Some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn’t matter which side it is as long as everyone chooses the same side. Otherwise‚ everyone may get hurt. a. Does either player have a dominant strategy? Explain. I don’t believe that either player has a dominant strategy. Dominant strategy is “a strategy that results in the best outcome or highest payoff to a given player no matter what action
Premium Game theory Economics Nash equilibrium
BRANDEIS UNIVERSITY Department of Economics Economics 10a Mr. Coiner Introduction to Microeconomics Fall‚ 2012 Problem Set 2 1. This question examines the impact of 5 events on the market for large automobiles with relatively low gas mileage and relatively high emission levels (think Hummer). Answer each part separately. For each event‚ indicate which curve (D or S) shifts‚ indicate in which direction (left or right) it shifts‚ and show in a demand-supply diagram in which
Premium Supply and demand
DEFINITION Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Economics may be defined as a science that deals with the activities of man in obtaining wealth for the satisfaction of his wants. Economics is the art of making a living. Economics is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants. Economics is the branch of social science
Premium Economics Inflation Unemployment
1. State and explain any two advantage of a monetary economy. State and explain any three functions of money. In monetary economy is an economy where goods and services are exchanged for money. It can avoid double coincidence of wants‚ for example‚ one person is willing to use a bag of rice to get a bag of tea; another person is willing to use a bag of tea to get two apples. These two parties can not trade easily for their goods because in a barter economy people have to find exact goods and
Premium Money Bond Federal Reserve System
1. List the three largest categories that make up the market basket that is used to compute CPI. According to Figure 1 in our textbook‚ there are many categories that make up the market basket used to calculate CPI. They are Housing‚ Transportation‚ Food and beverages‚ Medical care‚ Recreation‚ Education and communication‚ Apparel‚ and other. The three largest categories consist of Housing at 43%‚ Transportation at 17% and Food and beverages at 15%. These three combined make up 65% of the market
Premium Inflation Time
Economics 515 AU12 Midterm 3 Review The exam will have 10‚ 10-point questions on it from the questions below. 1. Explain briefly how guns and steel aided in Europeans’ attempts to conquer the native population of Africa and the Americas. How did germs work in favor of European conquest against the Incas? How did germs work against the Europeans in their imperialist efforts in Africa? 2. Describe the attempt of Europeans to colonize Africa depicted in Guns‚ Germs‚ and Steel
Premium Industrial Revolution Economics International trade
1. Would Henry Hazlitt more likely: a. Say we are already suffering the long-run consequences of the policies of the remote or recent past. b. Advocate public or collective ownership and administration of the means of production and distribution of goods. c. Argue for more governmental stimulus to help the economy. 2. Would Henry Hazlitt more likely say: a. That government should fund public works to maintain full employment. b. The art of economics consists in looking not merely at the
Free Federal Reserve System Monetary policy Currency